European Stars and Stripes (Newspaper) - August 19, 1990, Darmstadt, Hesse Page 16 a a the stars and stripes sunday August 19,1990stocks fall another 2.6% on Mideast fears new York up a the Stock Market beaten Down by worries about mounting tensions in the Middle East that kept wary investors on the sidelines registered its fifth consecutive weekly drop last week. The Dow Jones Industrial average fell 36.64 Friday to close at 2644.80, a loss of 71.78 Points a or 2.6 percent a on the week. Broader Market indexes followed suit with Standard amp poor a 500-Slock Index losing 7.69 to end the week at 327.83 and the new York Stock Exchange composite Index falling 3.96 to close the week at 180.19. Declines pounded advances 1,348-531 among the 2,155 nose issues traded last week. Weekly big Board volume fell to 739,842,760 shares from 963,579,960 a week earlier and 744,546730 shares a year ago. The Mideast crisis pushed prices Down and investors to the sidelines said Michael Metz Market strategist with Oppenheimer amp co. The Market decline also was fuelled by gloomy economic news said Quot the Market really is plagued by a multitude of horrors Here ranging from the persian Gulf fear of recession fear of higher interest rates and fear of inflation a Metz said. Quot on this background traders and investors Are risk averse. They choose to sell a bit and stay on the sidelines a said. A people see no inclination to get aggressive As buyers in the prices closed mixed monday in very Light trading As cautious investors adopted a Quot wait and see attitude toward the Middle East conflict. Volume amounted to just 122,820,000 shares a the lowest since the aug. 2 iraqi invasion of Kuwait. Stocks closed slightly higher in continued thin trading tuesday As investors stayed on the sidelines. Given the concern Over the Middle East the Slock Market took Little notice of a government retail sales report that generally was in line with economic forecasts analysts said. Stocks also closed slightly higher wednesday buoyed by a sense of Relief that tensions in the Middle East had not escalated dramatically. Also supporting the rally was optimism about a Meetin thursday Between president Bush an Jordan a King Hussein. But stocks closed sharply lower thursday when the Dow industrials plummeted 66.83 Points. Prices dropped after the labor department reported that inflation at the consumer level Rose 0.4 percent in july a higher than the 0.3 percent predicted by private economists. Also pushing prices lower was news of the contents of an open letter from iraqi president Saddam Hussein who accused. Bush of a a lying to the american people. Saddam also threatened that a you Are going to receive some american bodies in bags a adding to the grim Outlook was news that Jordan a Monarch contrary to earlier reports brought no message to Bush from Saddam. A the Market is basically a slave to the news in the Middle East a Edward shop Kom partner in charge of institutional equities at Mabon Nugent amp co., said thursday. Prices fell again Friday but braked somewhat by the close thanks to the expiration of August Stock Index futures and options analysts said. A although in the beginning of the week the Middle East was pushed to the sidelines its Back to Center stage and that a a problem a said tide Latimer Market analyst with Josephthal amp co. A a there a a feeling this could drag on interminably a she said adding to the decline Friday was a Commerce department report showing americans Trade deficit dropped a surprising 34.7 percent in june to $5.07 billion reflecting record exports. But the report also showed a weakening of imports. Private economists had expected a Trade shortfall of about $7 billion for the month. Analysts said that lower imports reflect sluggish consumer demand in a generally weak Domestic Economy a an Economy bound to be hit harder in coming months by rising Oil prices. The Nyser so uptick Quot Rule kicked in both thursday Ana Friday during periods when the Dow was Down 50 Points. Under the Rule traders cannot execute sell orders on a Stock in an arbitrage Trade until the stocks Price rises first. The Dow Jones transportation average sensitive to rising fuel prices hit lows for the year thursday and Friday when it dropped 15.87 to 923.91. Boeing was the weeks most Active Issue off 4 i to 48�?�/i. Wal Mart stores followed off \ i to 28, and ism was third off % to 101 among Blue chips at amp to lost i % to 33%, Philip Morris fell % to 45%, general electric tumbled 2 % to 64 and Genera motors Sank 2 to 37 /. But Exxon Rose i to 52%. On the american Stock Exchange the amex Market value Index fell 5.71 to close Friday at 333.61. Declines led advances 612-226 among the 995 issues traded. Macx volume totalled 69,436,080 shares compared with 85,75 7,990 traded a week earlier and 67,991,685 traded in the same week a year ago. Ensco led the Macx actives up a to 4%. 1 a _ _ the National association of securities dealers composite Index fell 14.55 to end the week at 393.49.food prices seen for this year Washington apr the agriculture department sharply revising an earlier forecast said Friday that higher Energy costs Are Likely to push up food prices at the supermarket level by Between 5 percent and 7 percent this year. The new forecast compared with a 3 percent to 5 percent Price increase the department has been predicting for 1990 since december. Double digit Price gains in the first half of ibis year for fresh fruits pork eggs and Dairy products along with a uncertainties about future Energy prices a Are mostly to blame for the upward revision the Agency said Quot however most of the years Price increases probably took place in the first hair Quot the Agency said. A gains in the second half Are expected to be More . But the report stressed that the Outlook assumes that most of the Impact of higher Oil prices will take until next year to spill Over into the grocery store. Retail food prices Rose an average of 5.8 percent in 1989, the sharpest year to year increase since 1981, much of that gain was fallout from the 1988 drought that hit much of the nation. One us a official said that without the Mideast crisis and rising Energy costs the new food Price estimate for 1990 would have been in the Range of 5 percent to 6 percent. Thus the official said an allowance of Only one percentage Point was made at the upper end of the estimate to allow for higher Oil prices. Further the source said some department analysts had wanted to hold the new 1990 food Price increase Mutual funds to less than what was decided. Most Felt the Oil Pinch is not going to hit this year the source said. In its official report the Agency said rising Oil prices will increase the Cost of growing processing packaging and distributing food. A because of the rapidly changing situation its unclear How much and How fast the increases will Ripple through food prices a the report said. Quot while food transportation costs probably will Rise Quot let in coming months rail costs arc partly shielded from Short term movements in fuel prices a the report said. A railroads often hold significant inventories of diesel fuel and Btry ref under Long term lotto sales fell after Odds Rose for River barges lower freight Rales this summer suggest that Quot competitive pressures will hold Down rate increases this fall when the big crops of com soybeans and Obj Jar commodities head for Market. The report which is prepared with a team of analysts and reviewers within the us a said the general Trade embargo will a significantly Cut food supplies going to Iraq. About one fourth its caloric food needs come from imports. A last year about one fourth of Iraq s agricultural imports came from the United states a the report said. A other major suppliers have been Australia Canada the european Community and by the los Angeles times Sacramento Calif. A the California lottery a Sale of lotto tickets dropped 25 percent in the first month after officials made the game harder to win prompting increased criticism about its operation. Lottery officials acknowledged a few weeks ago that interest had slackened but did not believe the downturn could be attributed to alterations in the game. They Are now blaming the sales drop on Media coverage of the changes. A the immediate Down turn in sales was to be expected with the negative Media coverage we received but we similarly expect sales to turn around a the executive director Chon Gutierrez said in a report to the California lottery june 21, the lottery added four numbers to the Field from which players select when buying lotto tick ets. The move nearly doubled the Odds against winning while also increasing the Odds of producing a super Jackpot. Officials said that sales immediately plummeted throughout the state exhibiting a fairly uniform drop in each geographic Region. A this year s lotto sales average about $23 million a week which is off by about 25 percent since the Field size change in june a Gutierrez said in his report. Legislators said the statistics confirmed their suspicions that the change in Odds was not being will received by the gambling Public. Lottery officials stuck to their Contention that by increasing the Field they would produce More super jackpots of $30 million and above and eventually draw More players to the game. Experience in other states they said shows that player interest seems to be directly proportional to the number of big jackpots the game produces. From Page 15 Olympus fund h., 9fl3 porn diet 6/4 1c /i4 13 a u j tvs by p 0tc is p Uil Ujama 9 6 14 06 id 9.1 1? 14 10 6? a Ai fir 34 l3 Nuqui a wed y us yet a ? a 10 j0 9 78 a ?4 in Quot a y Fay 10 06 03 Jiwu vl1 it ii Venn by p i37a 9 0/ m -9 07 9 7q a 6 42 u 11 12 pips p 931 941 9 03 10 03 10 01 i n r. T 9j- J go 10 Uia n hur4 2123 11 2b m a no a 17 36 Ihde p Parji p 72 1?\2 7 67 a 12 69 Al 0-1 it by / so 7 j j cd Vul Nova >0 t 9 lets ii id 6 b6 a 96 04 of Chinmu r to 4j 07 Govi a in Tiv mate Nijiu 10 no to 9 45 m a 22. 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